Market Size of Submersible Pumps Industry
| Study Period | 2019- 2029 |
| Market Size (2024) | USD 18.83 Billion |
| Market Size (2029) | USD 27.92 Billion |
| CAGR (2024 - 2029) | 8.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Submersible Pump Market Analysis
The Submersible Pumps Market size is estimated at USD 18.83 billion in 2024, and is expected to reach USD 27.92 billion by 2029, growing at a CAGR of 8.20% during the forecast period (2024-2029).
- Over the medium term, the major factors driving the market are the strict regulations for wastewater treatment across industries, recovery in the oil and gas and mining industries, growth in the construction industry, and a surge in industrial infrastructure.
- On the other hand, this market faces certain challenges, such as high maintenance and operation costs and volatility in oil and gas prices. These factors act as a roadblock to the growth of the market.
- Nevertheless, wastewater and water treatment facilities in developed regions like North America and Europe are aging and shifting toward the end of their operational lifecycle. High investments are required in reinstalling and upgrading the old infrastructure to overcome this scenario. However, several emerging economies do not have adequate access to drinking water and have just started building new water infrastructure. Such initiatives to upgrade aging infrastructure are likely to create an opportunity for the submersible pumps market.
- Asia Pacific is expected to dominate the market during the forecast period. Rapid industrialisation is increasing market growth in rising economies such as China, India, Japan, and South Korea, among others.
